Bithumb Korea’s net profit soars 876% in Q1

Bithumb Holdings, the operator of cryptocurrency exchange Bithumb, saw a surge in sales and net profit in the first quarter of 2021, its largest shareholder’s financial results showed on Tuesday.

According to Vidente’s regulatory filings, Bithumb logged 250.2 billion won ($220 million) in sales in the first quarter this year, jumping 458 percent from the same period last year. Its net profit soared 876 percent to 222.5 billion won in net profit during the same period.

The company’s growth was backed by a surge in cryptocurrency interest and transactions which at some point exceeded the total transaction volume of two local stock markets. 

Vidente, a Kosdaq-listed broadcast monitor maker, owns 10.25 percent of Bithumb Korea and 34.22 percent in Bithumb Holdings, which controls Bithumb Korea with a 76 percent stake.

During the same period, Dunamu, the operator of the country’s largest crypto exchange by transaction volume, earned 472.1 billion won on the sales of 590 billion won, according to a report from Yuanta Securities last month. 

By Park Ga-young (gypark@heraldcorp.com)